Geode Capital Management LLC Has $155.67 Million Position in Joby Aviation, Inc. $JOBY

Key Points

• Geode Capital Management increased its stake in Joby Aviation by 3.4% in the fourth quarter, ending with 11.79 million shares valued at about $155.7 million.
• Joby Aviation reported a smaller-than-expected quarterly loss of $0.12 per share and revenue of $24.25 million, both better than Wall Street estimates, though analysts still expect a full-year loss.
• Insiders have been selling shares recently, including major transactions by Eric Allison and Paul Cahill Sciarra, while analysts remain cautious with a consensus rating of “Reduce” and an average price target of $13.06.

Geode Capital Management LLC lifted its holdings in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 3.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,790,532 shares of the company's stock after purchasing an additional 390,794 shares during the quarter. Geode Capital Management LLC owned 1.29% of Joby Aviation worth $155,671,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Williamson Legacy Group LLC acquired a new stake in shares of Joby Aviation during the fourth quarter worth about $998,000. Themes Management Co LLC bought a new position in shares of Joby Aviation during the fourth quarter worth about $171,000. Legato Capital Management LLC grew its holdings in shares of Joby Aviation by 73.5% during the fourth quarter. Legato Capital Management LLC now owns 72,534 shares of the company's stock worth $957,000 after buying an additional 30,730 shares in the last quarter. Axxcess Wealth Management LLC grew its holdings in shares of Joby Aviation by 58.9% during the fourth quarter. Axxcess Wealth Management LLC now owns 19,400 shares of the company's stock worth $256,000 after buying an additional 7,188 shares in the last quarter. Finally, Fortis Group Advisors LLC bought a new position in shares of Joby Aviation during the fourth quarter worth about $204,000. Institutional investors and hedge funds own 52.85% of the company's stock.

Joby Aviation Stock Down 3.7%

JOBY stock opened at $11.43 on Thursday. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average price of $9.64 and a two-hundred day moving average price of $11.54. The company has a market cap of $11.24 billion, a price-to-earnings ratio of -9.93 and a beta of 2.66. Joby Aviation, Inc. has a twelve month low of $7.49 and a twelve month high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating analysts' consensus estimates of ($0.21) by $0.09. The firm had revenue of $24.25 million during the quarter, compared to the consensus estimate of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same period last year, the company earned ($0.11) earnings per share. Analysts anticipate that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Eric Allison sold 74,844 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $10.00, for a total value of $748,440.00. Following the completion of the transaction, the insider directly owned 676,008 shares in the company, valued at $6,760,080. This trade represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Cahill Sciarra sold 416,666 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $12.02, for a total value of $5,008,325.32. Following the completion of the transaction, the director owned 55,911,391 shares of the company's stock, valued at approximately $672,054,919.82. This represents a 0.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 1,505,784 shares of company stock valued at $15,457,801. 28.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Oppenheimer set a $18.00 price objective on Joby Aviation in a report on Thursday, February 26th. HC Wainwright reiterated a "buy" rating and set a $18.00 price objective on shares of Joby Aviation in a report on Thursday, March 12th. Wall Street Zen upgraded Joby Aviation from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. Needham & Company LLC reiterated a "buy" rating and set a $18.00 price objective on shares of Joby Aviation in a report on Wednesday, May 6th. Finally, Canaccord Genuity Group decreased their price objective on Joby Aviation from $15.50 to $11.50 and set a "hold" rating for the company in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $13.06.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company's core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby's eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company's flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.

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